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        Tax Deduction at source on Floating Rate Savings (Taxable) Bonds (FRSB) 2020 (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)

        24 July, 2024

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        Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

        Section 193 of the Act provides for deduction of tax at source on payment of any income to a resident by way of interest on securities.

        2. The Government has introduced Floating Rate Savings (Taxable) Bonds (FRSB) 2020. The provisions of section 193 of the Act are proposed to be amended to allow for deduction of tax at source at the time of payment of interest exceeding ten thousand rupees on ––

        I. the Floating Rate Savings Bonds (FRSB) 2020 (Taxable) and

        II. any security of the Central Government or State Government, as the Central Government may, by notification in the Official Gazette, specify in this behalf.

        3. The amendments will take effect from the 1st day of October, 2024.

        [Clause 51]

        Full Text:

        Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

        Tax deduction at source on interest payments for floating rate savings bonds now applies, expanding the tax base and anti-avoidance. Amendment to Section 193 mandates deduction of tax at source at the time of payment of interest to residents where interest exceeds the prescribed threshold, specifically covering Floating Rate Savings (Taxable) Bonds (FRSB) 2020 and any Central or State Government security as may be specified by the Central Government; the amendment is effective from 1 October 2024.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Tax deduction at source on interest payments for floating rate savings bonds now applies, expanding the tax base and anti-avoidance.

                              Amendment to Section 193 mandates deduction of tax at source at the time of payment of interest to residents where interest exceeds the prescribed threshold, specifically covering Floating Rate Savings (Taxable) Bonds (FRSB) 2020 and any Central or State Government security as may be specified by the Central Government; the amendment is effective from 1 October 2024.


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